Soybean futures advanced to about $11.50 per bushel, a four-week high, as volatile weather across the US Midwest fueled uncertainty and ongoing expectations of stronger Chinese demand underpinned prices. Traders remained focused on forecasts calling for above-normal temperatures through mid-July—a crucial phase for crop development—even as improving rainfall prospects complicated the outlook for yields.
Additional support came from a sharp rally in soymeal prices, while the USDA’s latest acreage report, which increased estimated soybean plantings to 85.37 million acres, was widely regarded as already factored into the market. Investors are now looking to the USDA’s weekly export sales report for confirmation of rumored Chinese buying, after recent data showed 200,000 metric tons sold to China and 529,000 metric tons to unknown destinations for the 2026–27 marketing year.
The market also drew strength from a weaker US dollar, as reduced expectations for further interest rate hikes made dollar-denominated commodities more affordable for international buyers.
